ThredUp is a leading online resale platform for secondhand fashion, connecting millions of buyers and sellers to promote sustainable shopping and reduce environmental impact through affordable, high-quality clothing.
Customer Story
ThredUp Moves 6X Faster and Saves 53% in TCO with Workato
Workato gives my team peace of mind and gives the business time back to be more strategic.
Challenges
- Rapid Growth
- Scalable ERP Integrations
- PO Management
- JE Automation
ThredUp’s growth prompted the need to expand their integrations and automations, and enhance Enterprise Resource Planning (ERP) operations. Connecting their internal database with NetSuite was table stakes. Beyond that, they needed to implement trusted automations for core business processes like closing the monthly accounting books and managing purchase orders (POs) for reconciliation. Their finance team needed a better way to manage journal entries (JEs) which had to be downloaded and uploaded from dashboards in their BI tool, so the data could be manipulated in Excel and posted to NetSuite. The Fintech team at ThredUp had used a legacy platform for their integration needs, but recognized the need for a comprehensive solution that enabled them to accelerate their processes, especially during the crucial month-end close.
Solutions
- GL Accounts & Entries
- PO Reconciliation
- Data Orchestration
Enter Workato. The Fintech team began by integrating Netsuite with their internal app and automating the monthly close process, thereby seamlessly managing General Ledger (GL) accounts and journal entries. Additionally, ThredUp used Workato to integrate with Coupa to facilitate the reconciliation process by connecting POs to and from their internal database. This integration has become an integral part of their BI reporting and accounting insights.
To facilitate data transfer without the need for extensive coding, ThredUp employs Workato as an orchestration layer, seamlessly moving data from internal databases to enterprise applications. This approach allows the team to avoid the complexities of building custom API wrappers internally, enabling them to focus on delivering business value rather than maintaining code. With a lean team supporting Fintech operations in a public company, efficiency is crucial, and Workato's capabilities provide the team with peace of mind, knowing they can rely on it to handle these tasks effectively.
Impact
- 6x faster agility
- Lean operations
- Cost savings
Through a robust and efficient Workato implementation, ThredUp was able to achieve impressive results. Their lean Finance organization saves 8 hours per month in their monthly close process. Today, Thredup is 6 times more agile, developing Workato integrations in a month as opposed to 6 months with their previous integration platform as a service (iPaaS) solution, resulting in a 53% reduction in Total Cost of Ownership (TCO).